CCCS or Payplan?

Madison

I'm with Payplan and have on the whole been satisfied with the service. They do however try to get you to let them get better deals for your home insurance etc but it wasn't exactly hard sell so I'd just decline saying I preferred to negotiate these things for myself.

To offer some hope, the original estimate for me to pay everything off was 10 years and 2 months and I'm due to make my last payment at the end of April, 6 years and 6 months after the first one so things DO get better.

Tixy

You need to talk to professionals (starting with CCCS) about an IVA and whether it would be suitable, the likelihood of enough of your creditors agreeing to it and agreeing to only £200 per month.
Have you read this? - http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

Also remember the very serious implications of a change in circumstances. If you lose your job/income then your IVA would likely fail. At that point the only option may be bankruptcy which would then cause issues with the house again (assuming it has equity in it)

Remember whilst your DMP may start with a 20year lifespan, your circumstances may improve, your salary could improve, you might get a £10k windfall etc all these will rapidly decrease the length of your DMP.

Buster2007

Thanks again everyone

Spoke with Payplan last night and am happy with what they have explained, IVA not for me and I wouldn't be accepted as I have equity and assets, so going for a DMP with them. CCCS did not explain that if I had a £10k 'windfall' that they would use that to negotiate a settlement figure with my 3 creditors and maybe get some debt written off so might not be in debt for 19yrs 9 months after all

Also not happy that CCCS told me not to go to the Halifax, then a few hours later said that I could, so I did......Only to be told by Payplan that I should not have arranged for my salary to go in my Halifax A/C as they are owned by LLoyds and if they happen to merge they could off-set!!!! As you can appreciate I no longer trust the CCCS if they can't get the basics of telling me where my money will be safe right.

I am now going to the Halifax today, only get 30 mins lunch, to withdraw my salary and close my account, now got to wait ANOTHER 5 days for a Nationwide account all because of CCCS which is now going to cause me no end of problems with paying my usual cost of living bills and mortgage as I now don't have an account to set up any direct debits!

Just had to tell you this as I was shocked when I worked this out last night...... Lloyds TSB loan £25000 over 7 years @ £473 pm, just over 2 yrs have passed so total paid so far is approx £12298. I still owe them around £22000 to-date. If I paid £473 for the 5 years that are left thats another £28380!!! So to borrow £25k I would actually be paying back over £50000!!!! I must have been MAD!!!

Oh up to this minute I have not defaulted with any of my creditors, the first default will be the above loan on Monday when they go to get their direct debit it has been cancelled......But I am sure thay will take it anyway and in doing so take me over my overdraft limit so they can charge me....... Gonna stash me cash under the bed from now on LOL!!

Albiebabes

Hi Buster2007,

I have just been reading your posts/thread and I am new on here...I have been in turmoil for 2 weeks as after having my "lightbulb" moment, I realised I had to do something about my debts. I have using the CCCS online debt remedy and had a phone "interview" with Payplan. I am leaning towards Payplan but so many people seem to rate CCCS more?? Just wondered how you had been getting on with Payplan on your DMP?

DarkConvict

Payplan is a company not a charity like CCCS, so they do sometimes sell products when a DMP might be better.

They are both good, go with whichever one you have the most faith in, just avoid fee paying debt management firms.